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Net Investment Income (Tables)
 12 Months Ended
Dec. 31, 2011
Net Investment Income [Abstract]  
Net Investment Income
Net investment income consists of the following:
(Dollars in thousands)
2011
 
2010
 
2009
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
483,905

 
$
501,750

 
$
495,140

Equity securities available for sale
12,416

 
11,661

 
20,295

Investment funds
9,452

 
(6,481
)
 
(163,862
)
Arbitrage trading account
16,576

 
27,155

 
31,023

Real estate
7,471

 
—

 
—

Gross investment income
529,820

 
534,085

 
382,596

Investment expense
(3,469
)
 
(3,560
)
 
(3,588
)
Net investment income
$
526,351

 
$
530,525

 
$
379,008